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Illinois Department of Financial and Professional Regulation announces initiative to facilitate cashing of stimulus checks
On May 1, 2020, the Illinois Department of Financial and Professional Regulation announced plans to provide new options for unbanked Illinoisans to cash their stimulus checks for free. The announcement highlights some of the banks that are willing to offer such services and provides resources that consumers can consult in connection with receiving their economic impact payments.
OCC and Federal Reserve issue joint response to question regarding market risk capital rule
On May 1, the OCC and the Federal Reserve Board issued a joint response to a public question about a capital implication under the market risk capital rule in light of current market conditions arising from the Covid-19 pandemic. The joint response notes that, in March and April of 2020, the agencies took supervisory action giving certain banks the option to apply the multiplication factor that applied as of December 31, 2019, rather than applying a higher multiplier based on the most recent exceptions.
Maine Real Estate Commission adopt emergency rule regarding sales agent examinations
On May 1, the Maine Department of Professional and Financial Regulation, Real Estate Commission, adopted an emergency rule extending the time period during which applicants for a sales agent license have to pass the sales agent examination after they successfully complete the sales agent course. The time is extended from one year to 180 days after testing sites fully reopen.
Colorado Department of Revenue issues emergency regulations regarding motor vehicle sales
On May 1, 2020, the Colorado Department of Revenue, Motor Vehicle Dealer Board, issued emergency regulations permitting licensed motor vehicle dealers to complete sales transactions of motor vehicles during Covid-19, provided that certain conditions are met.
Pennsylvania extends stay-at-home order, issues guidance for limited reopening in some counties
On May 1, the Bureau of Occupational and Professional Affairs issued a statement regarding phased reopening of Pennsylvania. For all “red’ counties, the March 19 stay-at-home order was extended until June 4, 2020. In counties designated as being in the yellow phase of reopening, most businesses, including non-essential businesses, are permitted to reopen so long as they comply with social distancing restrictions and other guidance issued by the governor’s office.
Tennessee authorizes remote shareholder meetings
On May 1, the governor of Tennessee issued Executive Order No. 32, which authorizes certain corporations to utilize remote communications for shareholder meetings. For corporations holding remote shareholder meetings, the order suspends requirements that corporations make a list of shareholders entitled to receive notice of the meeting available at the meeting, provided the list is made available on an electronic network to which shareholders are granted access.
Minnesota commissioner of commerce eases some filing and appraisal requirements
On May 1, Minnesota’s commissioner of commerce issued an order modifying certain regulatory deadlines as set forth in Regulatory Guidance 20-25 and 20-26 during the Covid-19 pandemic. Guidance 20-25 extends the deadline for certain insurers to file annual reports due on or before May 1, 2020 until June 1, 2020. Guidance 20-26 allows banks that acquire “other real estate” as defined by Minn. Stat. § 48.21 to defer the requirement to obtain an appraisal for up to 120 days.
Colorado extends suspension of 2020 property tax deadlines
On May 1, the Colorado governor issued an executive order extending the temporary suspension of calendar year 2020 statutory deadlines concerning taxpayer filing requirements for certain taxable property in light of the spread of Covid-19. The State Board of Equalization within the Department of Local Affairs is permitted to promulgate any necessary emergency rules regarding the extension of filing deadlines.
Massachusetts regulator urges premium finance companies to work with customers
On May 1, the Massachusetts Division of Banks issued guidance to insurance premium finance companies, stating that it “expects” them to provide relief and flexibility to customers during the Covid-19 pandemic. The division issued the guidance in light of a March 23 bulletin in which the Massachusetts Division of Insurance urged Massachusetts insurance carriers to take steps to preserve individual access to insurance coverage.
Massachusetts regulator updates foreclosure moratorium FAQs
On May 1, the Massachusetts Division of Banks issued updated FAQs regarding Chapter 65 of the Acts of 2020, an April 20 state law establishing a temporary moratorium on certain residential foreclosures. The updated FAQs restate that, until the end of the moratorium, which is currently set to expire on August 18, 2020, lenders cannot charge fees other than those contractually scheduled and calculated as if the borrower made all payments in full and on time. The updates also clarify that the foreclosure and forbearance provisions of Chapter 65 do not apply to residential investment properties, residential properties that are not owner-occupied, and residential properties taken in whole or in part as collateral for a commercial loan.